Is Your Business Ready For Blockchain?

Is your business ready for Blockchain?

Blockchain is so much more than cryptocurrency. It’s worth your focus. Active projects show that blockchain, distributed ledger technology is changing the way we do business.

Currently

Already blockchain has shown the potential to radically change the way we share info, use market places even prove our identity. It confirms sources and can change how we connect with authorities. Blockchain can verify authenticity in qualifications, ownership, even healthcare and our food. It can also enhance other technologies, boosting IoT and AI through immutable verification. As a result, there should be a few questions each business head needs to ask oneself. How can blockchain benefit my industry? What do I need to prepare? And Is now the right time?

We’ll take these in order

Fundamentally, blockchain is transparent and immutable. This allows groups to have controlled access to transactions and data with an almost unchangeable record. Immediately. Essentially any process where we need trust or verification could be made more secure, efficient and as a result, economical through DLT. These features are broad reaching and need time for real contemplation like any other business decision.

I suppose the ultimate is, will it deliver the predetermined ROI for you in an acceptable amount of time?

Whilst, certain industries like logistics, finance, intellectual rights, people, property, land registry, education, even retail have found use cases for blockchain/DLT. It’s not a golden bullet and needs proper consideration. We know that digital solutions can be simple and often yield quicker returns than older methods. That said, any significant transformation needs a full understandingas to what is needed and the lifetime of benefits.

Preparation

In terms of preparation, there is still a reasonable knowledge gap out there and, as with any tech, the landscape is continually evolving.

First, we must gain a fundamental understanding of Blockchain technology. Registered organisations such as Blockchain Academy Malaysia among others can help get you there. Second is technical knowledge and architectural design, you’ve found the business need, how do you actually implement this? Do you upskill your existing team or look externally?

There are physical and virtual teams here in Malaysia as well as globally to consult, help with DLT integration and DApp development. As simple as it sounds, we need to start from the beginning.

The need is defined, and is possible, is now the correct time?

One must consider if the relevant ecosystem is robust enough. Viable pricing. Well tested and has the technical support available to ensure smooth sailing. Should you wait until there is a suitable Blockchain As A Service platform or just go ahead and create one? Equally, if you started now, when would your blockchain solution be ready?

Whilst competitors beating you to the punch could pose a business threat, there is value in learning from others mistakes. There is efficiency in shared knowledge. It’s worth considering if an industry-wide project would be for the greater good and speed up adoption. Therefore being more economical.

We’re optimistic

Although blockchain can appear daunting, it’s packed full of rational use cases not least here in Southeast Asia.

Summary

To summarise, I’ll steal a comment from PWC “The Power is in the possible. The potential for blockchain to deliver substantial value to businesses and society is enormous”. Blockchain has arrived and continues to set up in well-established camps with solid evidence to support it’s right to be viable.

It’s growing and businesses need to be prepared, the level of preparation needed is down to you…

Christine recently completed her masters degree from Curtin University, majoring in Computer Science. She has a strong passion for distributed technology, hence learned everything about blockchain and cryptocurrencies. She regularly contributes her thoughts and findings in our blog. Share your thoughts with her or just say 'hi!' in the comments section below.